Software giant Oracle will this month begin unveiling its blockchain software, as it seeks to expand its portfolio of products utilising the technology behind many cryptocurrencies.
The news was revealed by Oracle’s product development boss, and will see Oracle compete against other tech rivals such as IBM, which is also utilising blockchain technology.
Oracle first revealed its new based Blockchain service and AI application last October. The Oracle Blockchain Cloud service is an “enterprise-grade” distributed ledger cloud that claims to deliver all the promised benefits of the system that powered Bitcoin by lowering the costs of transactions and making them tamper-proof.
But now Thomas Kurian, president of product development, was reported by Bloomberg as saying on Monday at Oracle headquarters, that the firm will introduce a platform-as-a-service blockchain product this month and decentralised ledger-based applications next month,
Blockchain of course is a decentralised ledger system that became popular with the Bitcoin cryptocurrency, and has since been applied in areas as diverse as finance and healthcare.
Kurian also revealed that Oracle was working with Banco de Chile to log inter-bank transactions on a hyperledger.
Another client is said to be the government of Nigeria, which has sought to document customs and import duties on blockchain.
It seems also that Oracle’s blockchain products will also be pitched to pharmaceutical companies to track and trace batches of medicine, which may potentially ease recalls.
Kurian said Oracle’s products will be compatible with other platforms, which is just as well, as a number of other tech firms are also firmly aboard the blockchain bandwagon.
Last August for example IBM introduced what it called the industry’s first enterprise-ready blockchain offering. This service was aimed at introducing the technology into the food supply chain.
Salesforce.com meanwhile intends to unveil a blockchain product by its annual Dreamforce conference in the Autumn.
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